China Lifestyle Retailer Miniso’s Shares Drop 4% After Earnings Report
A shopper carries a Miniso bag in New York earlier this year. Photographer: Michael Nagle/Bloomberg
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An increase in sales at home in China helped to boost overall revenue and profit in the first half at Miniso Group Holding, one of the country’s largest trendy lifestyle retail chains, according to a filing at the Hong Kong Stock Exchange after the close of trade on Friday. Shares in Guangzhou-headquartered company led by Chinese billionaire Ye Guo Fu fell by 4.4% in Nasdaq trade afterward on concerns about its profit margins and rising expenses.
Revenue between January and June increased by 22% from a year earlier to 11.5 billion yuan, or nearly $1.7 billion. That, along with unrealized investment gains in Yonghui Superstores and an AI partnership, helped to lift net profit by 5.6% from a year earlier to 956.6 million yuan. Profit was eroded in part by a nearly 40% increase in selling and distribution expenses to 3.0 billion yuan.
Miniso has emerged as one of China’s largest retail chains at home and abroad since it was founded in 2013. Its network at mid-year covered 8,309 Miniso stores, including 4,665 in the Chinese mainland and 3,644 in overseas markets. High-profile visitors in China just this month included Elon Musk’s mother Maye Musk, who visited a store in Shanghai. Its products are organized across lifestyle, beauty and toy segments.
The interim report cited gains in Miniso’s proprietary IP products and customer membership. In mainland China, the latter rose by 31% in the first half from a year earlier to about 130 million, contributing 77% of local sales; in the U.S., the number of members more than doubled to about 5.8 million, accounting for 60% of local sales. Miniso entered the Swiss market in the second quarter of this year, extending its global footprint to 113 countries and regions.
“Moving forward, Miniso will keep focusing on its dual drivers: IP and large-format stores. We aim to unlock deep brand equity via our IP ecosystem and reshape retail experiences through large-format stores,” the company said in a statement. On a follow-up earnings call, Ye said Miniso will pay more attention to investment returns during its overseas expansion.
Ye holds a fortune worth $1.4 billion on the Forbes Real-Time Billionaires List today. The figure has declined following a 58% drop in Miniso’s share price in the past year.
